Ogooué Labs secures US$456k from African Financial Company to support entrepreneurship

GABON – The African Financial Company (Cofina) has granted a fund of CFAF 250 million (US$456k) to Ogooué Labs, a coworking venue hosting and incubating startups looking for a space to get creative and innovative, to support entrepreneurship in Gabon. This funding aims to support the StartX 241 program initiated by the incubator aimed at small and very small businesses in their development phase, The objective of the program is to accelerate the industrial scale-up and distribution of startup products from French-speaking countries to new markets. This fund will enable…

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Vaalco Energy acquires Sasol’s 27.8% working interest in Etame Marin

GABON – Vaalco Energy, a company engaged in hydrocarbon exploration, has signed a sale and purchase agreement (SPA) to acquire Sasol Gabon S.A.’s (Sasol’s) 27.8% working interest in the Etame Marin block offshore Gabon. Since Vaalco currently owns and operates a 31.1% working interest in Etame, the transaction will almost double Vaalco’s total production and reserves. In addition, Vaalco is acquiring Sasol’s 40% non-operated participating interest in Block DE-8 offshore Gabon. The Company has agreed to total cash consideration for both properties of approximately US$44 million. The effective date of…

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BW Energy acquires two jack-up drilling rigs from Borr Drilling for US$14.5M

GABON – BW Energy, an exploration company, has announced the acquisition of jack-up drilling rigs, the 2003-built sister-units Atla and Balder from Borr Drilling for a total price of US$14.5 million. BW Energy has also concluded on an alternative development plan for the Hibiscus/Ruche satellite field in the Dussafu license offshore Gabon, utilising a converted jack-up rig to reduce investments and time to first oil. The seismic reprocessing carried out by BW Energy has indicated the potential for a substantial increase to the Greater Hibiscus oil-in-place volumes, making further developments…

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FGIS partners with French company Meridiam to construct hydroelectric power plant in Gabon

GABON – The Gabonese Strategic Investment Fund (FGIS) and Meridiam have signed a turnkey contract with Asonha Energie for the construction of the Kinguélé Aval dam and hydroelectric power plant in the Mbei region, Estuary province in Gabon. Asonha Energie has signed a turnkey contract one year after signing a public-private partnership (PPP) with the Gabonese government. The project is being developed by the Gabonese Strategic Investment Fund (FGIS) and Meridiam, a French company specialising in the development, financing and management of infrastructure projects. The consortium has set up the…

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Assala Energy to invest US$24M in modernizing Gabon’s Gamba export infrastructure

GABON – Assala Gabon, a subsidiary of UK-based operator Assala Energy, has announced that it will spend US$24 million to modernize Gabon’s Gamba export infrastructure in the south of the country. The Gamba export buoy is crucial to the Gabonese economy, as 30% of the country’s crude oil exports passes through it. The large-scale modernization project provides for the construction, installation and engineering works of a brand new, offshore single point mooring buoy. A full inspection carried out in 2019 revealed that the previous buoy, installed over ten years ago,…

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Gabon’s utility company, Seeg launches new projects to enhance access to water and electricity

GABON – Gabon’s water and electricity company, Société d’énergie et d’eau du Gabon (Seeg), has launched new projects aimed at enhancing access to water and electricity in the county. According to a report by Africa Energy Portal Seeg has already allocated US$18.65 million (about 10.4 billion CFA francs) to 12 of the projects which are expected to be ready before the end of the second half of 2020. Six of these projects concern the water sector and will be implemented at a cost of about 9 billion CFA francs (approximately…

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ANPI-Gabon partners with Cofina to provide US$900k to SMEs for technical and financial support

GABON – The National Agency for the Promotion of Investments in Gabon (ANPI-Gabon) has signed an agreement of CFAF 500 million (US$900k) with the African Financial Company (Cofina) to support SMEs, to provide technical and financial support to local businesses during their first 3 years of existence. Both technical and financial support will also provide businesses with expertise in business sectors and a capacity to generate flows. Note that small and medium-sized enterprises will be selected on the basis of criteria defined by the two entities. According to the Director…

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Gabon secures US$113M from AfDB to support COVID-19 mitigation programs

GABON – The government of Gabon has secured US$112.87 million (about 100.8 million euros) from the African Development to support mitigation programs against the effects of the COVID-19 outbreak. Earlier, the African Development Fund had approved US$8.9 million in grant funding to bolster COVID-19-related control measures in six Southern African Development Community (SADC) countries. The funds according to the African Development Bank, will facilitate the procurement of laboratory and medical supplies in Lesotho, Malawi, Madagascar, Mozambique, Zambia and Zimbabwe, all SADC nations. The African Development Bank had also approved US$683,000…

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Nigeria meets African Oil producing countries amid increased volatility in global oil prices

AFRICA – Nigeria, led by its Minister of State for Petroleum Resources, Timipre Sylva in October visited various oil producing countries in the continent amid a backdrop of increased volatility in global oil prices. According to a statement from the Nigerian National Petroleum Corporation, Sylva, who doubles as President of the African Petroleum Producers Organisation, visited the African oil producing nations that are also signatories to the Organisation of the Petroleum Exporting Countries (OPEC) Declaration of Cooperation Agreement. The Nigerian delegation according to the statement team visited Gabon and South…

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